Former President Donald Trump Makes 15,000% Return on Meme Coin TRUMP
In a surprising turn of events, former President Donald Trump has reportedly earned a staggering 15,000% return on a meme coin named after him, called MAGA (TRUMP). This revelation was made by crypto intelligence firm Arkham Intel.
According to Arkham Intel, Trump initially received $7,100 worth of TRUMP tokens between August and October 2023. However, the value of his holdings has now surpassed $1 million. In a tweet, the firm highlighted that this represents a 15,000% increase in value.
Donald Trump makes $1M on TRUMP Memecoin. Donald Trump’s holdings of TRUMP have just passed $1M. He originally received $7,1K of TRUMP […] That’s 150x. […] Now that TRUMP is $1.90, his holdings have increased by 15,000%. Is he outperforming most of CT?
Trump’s Holdings and Market Performance
Most of Trump’s TRUMP tokens were received shortly after his address was tagged on August 16th, 2023. On the night of August 19th, he received 469,000 TRUMP tokens valued at $5,600 at the time. Two months later, he received an additional sum of TRUMP valued at around $1,500.
Although the current trading value of TRUMP is $1.50, Trump’s holdings remain significant with a total value of $868,920 for his 579,281 TRUMP tokens. The meme coin’s market cap reached a peak of $96 million with a high of $2.32 per TRUMP, briefly increasing Trump’s return to $1.343 million.
About The Meme Coin
The TRUMP meme coin operates under the slogan “Make Crypto Great Again” and has a unique tokenomics structure. It imposes a 1% tax on transactions and allocates portions of these funds to causes such as US Veterans, Child Trafficking Prevention, and marketing, development, and liquidity purposes. The coin has a total supply of 47 million tokens.
The official Twitter account of the meme coin, @MAGAMemecoin, recently celebrated reaching a total of 100 ETH in donations. Their latest contribution went to the National Veterans Homeless Support, demonstrating the community’s commitment to philanthropy.
Trump’s Victories and Cultural Significance
The TRUMP token has gained not only financial traction but also cultural and political relevance. Endorsements from political figures like Ron DeSantis and Vivek Ramaswamy, who have suspended their presidential campaigns in favor of Donald Trump, have further boosted the bullish sentiment around the token.
Content creator Jake Gagain noted that as more victories come Trump’s way, the value of TRUMP continues to rise. Crypto influencer McKenna expressed a similar sentiment, highlighting that DeSantis and Vivek’s endorsements make TRUMP a clear bet for 2024.
Moreover, Trump’s engagement with the crypto community through NFTs and on-chain activities suggests a deeper connection with the industry. His team’s move to the Bitcoin network and successful cash-out of Ethereum assets indicate significant involvement in the crypto space.
As the 2024 US presidential election approaches, Trump’s political trajectory and the performance of the TRUMP token could remain an intriguing focal point. It embodies the unpredictable yet compelling narrative of meme coins. Currently, TRUMP is trading at $1.54.
Hot Take: Trump’s Memecoin Success Reflects Crypto’s Unpredictability
The news of Donald Trump earning a 15,000% return on the TRUMP meme coin exemplifies the unpredictable nature of the crypto market. Despite initial skepticism surrounding meme coins, Trump’s substantial gains highlight their potential for significant returns. The success of the TRUMP token also demonstrates the intersection of politics and cryptocurrency, as political endorsements fuel its value. With the 2024 US presidential election approaching, the performance of TRUMP and its connection to Trump’s political trajectory will undoubtedly continue to captivate interest. As meme coins like TRUMP gain cultural and financial relevance, they showcase the dynamic and exciting possibilities within the crypto space.
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